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Ganfeng Lithium sees net profit surge of 213.95% year on year in 2017

Shirley From Gasgoo| March 01 , 2018

China power battery market news, Ganfeng Lithium 2017 financial report

Shanghai (Gasgoo)- Ganfeng Lithium posted its 2017 revenue of RMB 4.38 billion with a YoY surge of 54.12%, according to Ganfeng Lithium's 2017 financial report released on Feb. 27. What's worth mentioning, its operating profit reached RMB 1.74 billion, soaring 205.77% on an annual basis. Moreover, the net profit attributable to the shareholders of listed company reached RMB 1.46 billion, skyrocketing 213.95% compared with 2016.

Ganfeng Lithium attributes its profit growth to the following two factors. First, RIM, a subsidiary of Ganfeng Lithium, started to offer spodumene ore in 2017, ensuring raw materials for Ganfeng Lithium. Second, the robust demands of lithium battery market led the battery material industry to gain rapid growth.

Noticeably, Ganfeng Lithium applied for issuing H-shares and to be listed in Hong Kong Stock Exchange recently. According to its announcement, the company had submitted its application to China Security Regulatory Commission and the commission has accepted the application.

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